International Research Journal of Finance and Economics  Issue 151  August, 2016

 

The Relationship between Financing Methods, Value Added, and Profitability Growth in the Listed Companies in the Tehran Stock Exchange	7-17
Ahmad Yaghobnezhad and Mohammad Reza Oloub
Abstract: The present study tries to investigate the relationship between financing methods, profitability growth, and value added. To do so, the final sample including 102 firms from among the biggest and most active firms In the listed companies in the Tehran stock exchange was taken into consideration. The data required were related to the years between 2007 and 2013 extracted from the financial statements reported and by using panel data method, the intended model was estimated. The results of research test show that there has been a positive and meaningful relationship between long-term financing and firms' profitability growth. But there was not any positive and meaningful relationship observed between long-term financing and economic value added. The dividend pattern among the selected entities was one of the factors affecting growth reduction. The relationship between entities' profitability and the need for long-term financing has been positive and meaningful. The amount of investment by an entity did not have any meaningful relationship with profitability growth but there has been a positive relationship between it and economic value added. Keywords: Internal Financing, External Financing, Profitability Growth, Economic, Value Added
Studying Factors Affecting the Tendency of Customers to Make Reservation in Parsian International Hotel in Kermanshah Online	18-28
Maryam Beigpour and Ayub Rahimzadeh
Abstract: Internet is a phenomenon that has appropriated a special status for itself in current era and the number of users has increased tremendously all over the world. This new medium has caused some behavior changes presented by the customers when they are purchasing. It is highly important for electronic commerce firms to study the process of purchasing and customers' behavior in internet to absorb new customers, to increase sales, and to increase profitability. Thus, the goal of the present research is to investigate about factors affecting the tendency of customers to make online reservations in Parsian international hotel in Kermanshah. The hypotheses tested in this research were 7. The method used regarding the study of variables has been descriptive-measurement type and regarding the goal it has been applied. The statistical population of this study includes the customers of Parsian international hotel in Kermanshah. Sampling was done by using a simple random method and 384 persons were selected as our sample through Cochran's formula to collect data. In this research we have used a questionnaire as a research tool and its reliability and validity were evaluated beforehand. To analyze the data and to test the hypotheses we have used approval factor analysis by using Amos structural equations software version 22. Regarding the research results factors such as product price, product survey, data quality, trust, and security were factors that affected online reservation of Parsian hotel. Also service quality and product differentiation were not effective on tendency towards online reservation of Parsian hotel regarding results based on remarks of the respondents. Keywords: product related factors, channel (website) related factors, tendency to make online reservation, Parsian hotel in Kermanshah
The Effect of Institutional Investors and Crash Risk and Stock Price Synchronicity	29-38
Sara Bahadorbeygi and Farzaneh Heidarpoor
Abstract: One of the main assumptions of agency theory is that the directors of the company "brokers" and shareholders "employer" conflict of interest is not necessarily in the interests of shareholders and managers do not decide, on the basis of unclear reporting this to create an environment for investment and to influence the value of the stock. Therefore, this study examines the impact of institutional investors on the stock crash risk and stock price synchronicity deals. In this study, 152 companies listed on Tehran Stock Exchange during the period investigated in 2009-2010. To test the hypothesis of linear regression models panel, non-linear and logistic use, research findings suggest that institutional investors have a significant negative impact on the stock crash risk, but institutional investors had no significant effect on the stock price synchronicity. Keywords: Institutional investors, stock crash risk stock, stock price synchronicity.
The Effect of Ownership Structure on Financial Reporting Probable Fraud	39-47
Farzaneh Heidarpoor and Saman Rezaei
Abstract: Fraud in reporting and financial accounting has had a considerably growth during some recent years. Regarding auditing, in addition to the usual auditing methods we can use statistical methods and the relationship between different parts of the firm to increase reliability, and audit reporting quality. One of these methods is to use fraud financial reporting recognition models. The number of observations in the present study has been 714 and based on logistic regression model %70.59 of firms have had likelihood of fraud and %29.41 did not have likelihood of fraud. The time period for the present research was the years between 2007 and 2013. The results showed that the percentage of controlling shareholder ownership on likelihood of fraud in financial reporting has had a positive and meaningful effect. Also the results showed that the effect of the percentage of controlling shareholder ownership on likelihood of fraud in financial reporting could be considered as one of the methods to investigate and conclude about auditing. Keywords:
The Investigation of Loss Aversion in Investment Companies Based on the Deals Volume in Tehran Stock Exchange	48-58
Reza Gholami Jamkarani, Zahra Madahi and Roya Darakhshani
Abstract: Behavioral finance is a division of finance science that investigates the behavior of the financial markets regarding their psychology. Loss aversion is among the behavioral effects of the investors that has bad consequences and leads to the decrease in the portfolio return and makes the potential of receiving benefit limited. considering the salience of the role of the investing companies in selecting the optimal investment portfolio in the stock exchange of Tehran.The current research has investigated the disposition effect of loss aversion the portfolio of 50 investment companies that includes 1116 companies for 3 succeeding years from 2012 to 2015 monthly. In order to categorize the data and define the variables and analyzing them, two software has been used "eviews" and "excel". The results of the research confirms that there exists a disposition effect of the loss aversion in the investment companies of the stock exchange of Tehran. Keywords: loss aversion ,investment companies, behavioral finance, optimal portfolio
Working Capital, Cash Holdings and Profitability of Companies	59-66
Babak Jamshidinavid, Alireza Moradi and Faramarz Maghsoodi
Abstract: This paper explores the nonlinear relationship between working capital and profitability, as well as moderating role of cash holdings, the relationship pays. The study, using data provided by a combination of published financial statements of listed companies in Tehran Stock Exchange, on a sample of 148 companies, in the period from 2002 till 2014, was conducted. The results and findings obtained in this study indicate that non-linear inverted U-shaped relationship between capital and profitability, and cash holdings Furthermore, according to the positive or negative working capital items, the adjusted the relationship between working capital and will be profitable. Keywords: Profitability, working capital, cash holdings
The Role of Different Aspects of E-Learning in Creating Organizational Value	67-73
Sepideh Rajizadeh
Abstract: Today, placing in virtual space has many benefits to mankind. Training as an integral part of human life has been affected by this development, and individuals and organizations are gradually moving towards this type of training. E-learning system is one of the strength points of the organizations that can train efficient and self-confident people. This study investigates the professional e-learning and its influence in creating organizational value. The present study is an applied research objectively and in terms of data collection is descriptive and in terms of the relationship between the variables is correlation. To collect the required data, written questionnaire distributed among accountants employed in public companies of Kerman city is used. For data analysis, SPSS software and Pearson correlation test is used, Spearman and Kendall is used for evaluation of professional e-learning courses of accountants on creating organizational value and its dimensions. The results show the more the accountants' satisfaction of e-learning courses increases as a result their organizational value increases. There is a significant relationship between accountants' satisfaction of e-learning courses and organizational value by controlling age, education, work experience, and gender. Keywords: E-learning, organizational value, satisfaction of e-learning
Volatile R&D and Firm Credit Risk	74-89
Yan-Ting Lin, Tsung-Kang Chen, Hung-Shu Fan and Po-Hsien Tsai
Abstract: Previous research has investigated the effect of the level of research and development (hereafter, R&D) expenditures on credit risk but overlooked the effect of volatile R&D investments on credit risk. Since R&D has the duality of risky expenditures and intangible assets, the volatility of R&D is expected to have influences on two of the determinants of credit risk, i.e. firm risk and the assets value of a firm. The current study aims to verify the influence of volatile R&D on credit risk, and also show that the volatility of R&D will significantly increase credit risk. Our results imply that unstable R&D investment policy might increase the cost of debt. Keywords: JEL Classification Code: M410, G320
Studying the Impact of Internal Control on Performance and Risks of Vietnam Commercial Banks	90-101
Nguyen Tuan
Abstract: The goal of the study is to analyze the impacts of Internal Control (IC) to IC objectives of Vietnamese commercial banks. Specifically, it is used to analyze the impacts of IC to two control targets: performance and risk. Statistics were collected from primary information from surveys and secondary information from financial reports of Commercial Banks in the period of 2013-2015. The study utilizes Cronbach Alpha, EFA, Correlation and OLS Regression model as their quantitative methods. The results show that some components of IC impact performance and risk of Vietnam commercial banks. Keywords: Internal control, control objectives, commercial bank
Human Decision Behavior in Financial Context A Literature Review	102-116
M Sankaran and Dr R Subramanian
Abstract: This paper attempts to summarise the literature relating to human decision behavior since the time of Bernoulli till the development of neuroeconomics. It starts with a description of human decision behavior and how it was axiomatised in financial economics through the mechanism of Expected Utility Theory, the central idea in economics and finance. It proceeds with the criticisms leveled against this idea from the field of psychology and traces the development of behavioral economics and finance. The alternative paradigms provided by the field of psychology by way Dual Process Theories and various other perspectives like the impact of personality on decision making are explained. It concludes with a need for a comprehensive model as an imminent need for research agenda in this direction. Keywords: Decision behavior, Choice behavior, Expected Utility Theory, Behavioral Finance, Dual Process Theory, Personality and Decision Making. JEL Classification: D14, G11, G12, G14